Make a living selling NFTs?

[MattKing]

After my laughter subsided, I decided to post a warning here not to post further on political topics.
No matter how tempting it is!

 

[shuddered]

it seems there are some photograph makers minting NFTs and they seem to be making money.

 

[Mike Lopez]

it seems there are some photograph makers minting NFTs and they seem to be making money.

Yes, time and technology march on, not awaiting the approval of anyone who doesn't like it or understand it.

Related note: I'm an engineer, and a drafter (CAD operator) I used to work with was able to retire by the age of 40 because of his Bitcoin investments. The guy just did his homework and got in early on the stuff while the rest of us missed it. Good for that guy. He could get an extra 20 years of leisure time as a result.

 

[VinceInMT]

…. and got in early on the stuff while the rest of us missed it.

It sounds like you a re describing a pyramid scheme.

 

[Pieter12]

It sounds like you a re describing a pyramid scheme.

How so?

 

[Sirius Glass]

It sounds like you a re describing a pyramid scheme.

I am thinking more like Ponzi scheme, a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors.

 

[Pieter12]

I am thinking more like Ponzi scheme, a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors.

But bitcoin doesn't pay anyone. It is a currency and does not promise any return on investment. You can buy and sell it like any other currency. Is shorting stock or buying futures any more legitimate?

 

[Sirius Glass]

But bitcoin doesn't pay anyone. It is a currency and does not promise any return on investment. You can buy and sell it like any other currency. Is shorting stock or buying futures any more legitimate?

I can see the potential of BitCoin and it could become a fully accepted and part of economies or it could go bust. I tend to think it will become part of the economy. At this time I do not see the same level of acceptance with NFTs. It could go either way.

 

[Mike Lopez]

I am thinking more like Ponzi scheme, a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors.

I’ll be sure to let my friend know that you think he’s up to something fraudulent. I’m sure he’ll care what some cranky old guy on the Internet thinks. Or you can simply read Pieter’s reply.

 

[Sirius Glass]

I’ll be sure to let my friend know that you think he’s up to something fraudulent. I’m sure he’ll care what some cranky old guy on the Internet thinks. Or you can simply read Pieter’s reply.

The future will tell. I can wait.

 

[Mike Lopez]

It sounds like you a re describing a pyramid scheme.

Nope. If you had bought Apple stock in the late 1990s and were filthy rich now as a result, did you go in on a pyramid scheme?

 

[Mike Lopez]

The future will tell. I can wait.

You undermine your own conspiracy thinking when you make statements like “I tend to think it will become part of the economy.” Sounds like you want it both ways: it sounds viable and likely to become universal, but I don’t personally use it yet, so it must be bad. Sheesh.

 

[Sirius Glass]

You undermine your own conspiracy thinking when you make statements like “I tend to think it will become part of the economy.” Sounds like you want it both ways: it sounds viable and likely to become universal, but I don’t personally use it yet, so it must be bad. Sheesh.

At the moment I cannot care less either way.

 

[Mike Lopez]

At the moment I cannot care less either way.

I know you live for this website, but you’ve posted quite a few times on this topic for someone who claims not to care.

 

[Sirius Glass]

Only to drive you nuts and that some asked me to respond.

 

[Patrick Robert James]

There will be blue chip NFTs (there already are) and there will be tons that are worth nothing (there already are). I've seen some rather innovative photographs as NFTs. Reuben Wu is one artist. I've also seen a whole bunch of pretty bad stuff sold for ridiculous amounts of money just because they were pumped by influencers that knew nothing about photography. There are a few groups (Fellowship, Quantum, RawDAO I think) and some rather big names are getting involved through them. Gotta follow the money I guess. There have been some large artists doing NFTs as well. Damien Hirst released a project called The Currency last year that consisted of real dot painting turned into NFTs and the purchaser gets to pick which one they want, the NFT or the print. The other will get destroyed. Interesting. The NFT space in general is pretty bad though. You can blame Crypto Punks and Bored Ape Yacht Club for that. Tons of money grabs and NFTs that get pumped then fall out of the sky. If you wanted to invest in photo NFTs then stick with big names. If you want to sell NFTs and nobody knows who you are, good luck.... NFTs are around to stay though.

 

[Alan Edward Klein]

Nope. If you had bought Apple stock in the late 1990s and were filthy rich now as a result, did you go in on a pyramid scheme?

There's a difference. Apple corporation has grown in underlying value. It's sales annually are in the hundreds of billions of dollars. A pyramid scheme or Ponzi scheme doesn't;t invest and owns nothing. There is no underlying value other than from future investors. It takes money from the later "investors" and pays it out to the earlier investors until there are no more investors to be found, like the game musical chairs. NFT's seem to operate that way.

 

[Alan Edward Klein]

There will be blue chip NFTs (there already are) and there will be tons that are worth nothing (there already are). I've seen some rather innovative photographs as NFTs. Reuben Wu is one artist. I've also seen a whole bunch of pretty bad stuff sold for ridiculous amounts of money just because they were pumped by influencers that knew nothing about photography. There are a few groups (Fellowship, Quantum, RawDAO I think) and some rather big names are getting involved through them. Gotta follow the money I guess. There have been some large artists doing NFTs as well. Damien Hirst released a project called The Currency last year that consisted of real dot painting turned into NFTs and the purchaser gets to pick which one they want, the NFT or the print. The other will get destroyed. Interesting. The NFT space in general is pretty bad though. You can blame Crypto Punks and Bored Ape Yacht Club for that. Tons of money grabs and NFTs that get pumped then fall out of the sky. If you wanted to invest in photo NFTs then stick with big names. If you want to sell NFTs and nobody knows who you are, good luck.... NFTs are around to stay though.

That's different than how NFT's have been getting sold. If a real print is tied to the NFT, then you're actually buying artwork. The NFT is then meaningless other than to confirm you own it. But if all you buy is an NFT without the underlying artwork to display and resell, well, it's kind of hard to hug an NFT. You're better off with the actual print.

 

[VinceInMT]

How so?

Because only those who get in early benefit in the pyramid. I am not saying that’s what NFT are though.

 

[VinceInMT]

As I see it, and my knowledge of this is quite limited, the NFT world probably lends itself more to investing than owning and appreciating any objects it represents. Perhaps it’s a way to assert or prove provenance of art. Like cryptocurrency, I see the value in what it is doing and how it is a disrupter in the way things are currently done.

For me, I’ll sit this one out since I’ve already retired and have achieved financial security (notwithstanding the collapse of Western Civilization, etc.). My kids, on the other hand, tend to be up on this stuff. The older one is an engineer for an aforementioned tech company (think of a type of fruit) and dabbles on the side in some of this and has done VERY well for himself. He tells me that, like the Gamestop short squeeze last year, where he was in early, by the time much of this hits the mainstream media, it’s already too late to jump in.

 

[Mike Lopez]

...My kids, on the other hand, tend to be up on this stuff. The older one is an engineer for an aforementioned tech company (think of a type of fruit) and dabbles on the side in some of this and has done VERY well for himself. He tells me that, like the Gamestop short squeeze last year, where he was in early, by the time much of this hits the mainstream media, it’s already too late to jump in.

When your son tells you how well he's done for himself with this technology, or by getting in on the Gamestop action, is your immediate response to say that it sounds like he's part of a pyramid scheme?

 

[Mike Lopez]

Only to drive you nuts and that some asked me to respond.

You ain't driving me nuts. I just have to point out your hypocrisy and logic busts when you want to have it both ways and you can't help but flood every thread here 24/7/365.

 

[Pieter12]

When your son tells you how well he's done for himself with this technology, or by getting in on the Gamestop action, is your immediate response to say that it sounds like he's part of a pyramid scheme?

Do you have any idea of what a pyramid scheme is?

 

[shuddered]

Do you have any idea of what a pyramid scheme is?

i saw an episode of "dragnet 1967" last week and they detailed what it was, NFT was not mentioned.

21:00

 

[SomewhereLost]

At least Beanie Babies were things you could touch. A few are gonna bank on NFTs, everyone else is going to be left holding their own bags.